I am about to take a class on Python this coming fall semester and I was very interested in using sublime as my portable python tool. I am looking at the console and trying to work with it but I had some issues and was wondering. If I create a py file can I execute the file from the console? If so how can I go about this as I could see this being a big boost for me!

If you create a plugin, you can indeed run the code from Sublime's console and interact with Sublime's API. That's the console's intended purpose.

If you just want to code a python program in general, you'd use the build command to run it off your system's python (which you need to install separately). If you were creating an Erlang program, you'd be launching the Erlang compiler, etc. You just happen to be coding in Python, but that's an accident; nothing to do with Sublime.